BIOJECT REPORTS SALE OF ITS GLUCOTRAX(TM) TECHNOLOGY

Company Will Focus on Core Needle-Free Business
PORTLAND, Ore., July 2 /PRNewswire/ -- Bioject Medical Technologies Inc.
(Nasdaq: BJCT), the leading manufacturer of jet injection technology for
needle-free drug delivery today announced that Marathon Medical Technologies
Inc., Bioject's joint venture with Elan Corporation, plc (NYSE: ELN), has
entered into an agreement to sell the venture's license and other rights to
the GlucoTrax(TM) blood glucose monitoring technology to Medisys, plc.
(AIM: MDY.L). Medisys is a U.K.-based medical device company which has
developed and commercialized devices to monitor blood glucose levels.
In accordance with the terms of the agreement, Bioject and Elan will
receive $4 million for the sale of the license and related intellectual
property rights and certain fixed assets of the joint venture. Bioject had an
80.1 percent ownership stake in the joint venture and estimates the receipt of
approximately $2.5 million in net cash proceeds. In addition, Marathon will
receive royalties on future revenues, if any, generated by the GlucoTrax
technology.
"Choosing to sell the blood glucose monitoring technology was difficult,"
said Jim O'Shea, Bioject's chairman, president and CEO. "While we would have
liked to continue to develop GlucoTrax, pursuing simultaneous development of
both the blood glucose monitor and our next-generation needle-free injection
systems placed an excessive burden on our capital resources. Selling the
technology significantly reduces the company's current cash requirements and
generates additional cash reserves to support the core needle-free side of our
business."
Commenting on Bioject's near-term strategy, Mr. O'Shea added, "We are very
excited about the opportunities available to Bioject. There is growing
interest in Bioject's needle-free injection technology as a potentially
enabling drug delivery method, as evidenced by the use of the
Biojector(R) 2000 in recent human clinical studies at Stanford University and
at the U.S. Naval Medical Research Center. We will continue to develop the
needle-free business through the establishment of corporate alliances to
capitalize on market opportunities and enhance our commercial presence."
Bioject Medical Technologies, Inc. located in Portland, Oregon is an
innovative developer and manufacturer of drug delivery systems. The company's
advanced injection system, the Biojector 2000, is a high-speed delivery system
designed to inject medication without a needle. The Biojector employs
compressed carbon dioxide (CO2) as a power source to eject medication through
a tiny orifice in a fraction of a second, effectively penetrating the skin.
Using this technology to administer injections virtually eliminates the risk
of contaminated needlestick injuries and resulting blood-borne pathogen
transmission, a major concern throughout the healthcare industry. The
Biojector 2000 has received the Seal of Acceptance from the Alliance of
Children's Hospitals, Inc.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
concerning the company's products as a potentially enabling drug delivery
method and continued growth of the company's needle-free business segment
through future corporate alliances. Forward looking statements such as these
involve known and unknown risks, uncertainties and other factors, any of which
may cause the actual results, performance or achievements of the company, or
industry results, to be materially different from any future results,
performance, or achievements expressed or implied by the forward-looking
statements. These risks, uncertainties and other factors include, without
limitation, the risk that research and development efforts of the company or
others will not produce desired results, dependence on the continued
performance of strategic corporate partners, the company's need for additional
financing and uncertainties related to i) the time required to complete
research and development, ii) obtaining necessary clinical data and regulatory
clearances, iii) successfully attracting additional strategic corporate
partners and iv) successfully executing revenue-generating agreements with
those additional strategic partners. Readers of this press release are
referred to the company's filings with the Securities and Exchange Commission,
including the company's Annual Report on Form 10-K for the year ended
March 31, 1999 for further discussions of factors which could affect future
results.
Forward-looking statements are based on the estimates and opinions of
management on the date the statements are made. The Company assumes no
obligation to update forward-looking statements if conditions or management's
estimates or opinions should change.
SOURCE Bioject Medical Technologies, Inc.
-0- 07/02/99
/NOTE TO EDITORS: This press release can also be found on
http://www.noonanrusso.com and http://www.bioject.com./
/CONTACT: Jim O'Shea, Chairman, President, & CEO, or Sam Nickerson,
Investor Relations, both of Bioject Medical Technologies Inc., 503-639-7221;
Media - Heather Regan, 212-696-4455, ext. 241, or Investors - Belinda
Brouder-Hayes, 212-696-4455, ext. 224, both of Noonan-Russo Communications,
Inc., news@noonanrusso.com, for Bioject Medical Technologies Inc./
/Company News On-Call: http://www.prnewswire.com/comp/101750.html or fax,
800-758-5804, ext. 101750/
/Web site: http://www.noonanrusso.com/
/Web site: http://www.bioject.com./
(BJCT ELN)
CO: Bioject Medical Technologies, Inc.; Marathon Medical Technologies, Inc.;
Elan Corporation, plc; Medisys, plc
ST: Oregon
IN: MTC
SU: PDT
-0- Jul/02/1999 7:01
EOS (PRN) Jul/02/99 07:01 **
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-0- (PRN) Jul/02/1999 7:16